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- 1. Multiple Choice
Which of the following is a benefit of using a budget?
Helps to keep track of the money you receive
Helps to prioritize your spending
Helps reach short- and long-term financial goals
All of the above
- 2. Multiple Choice
Which of the following is NOT a benefit of using a budget?
A budget can help you purchase anything you want
A budget can help you keep track of your money.
A budget can help you make plans to reach your financial goals
A budget can help you decide the importance of your expenses
- 3. Multiple Choice
Which of the following should NOT be considered when setting a current budget?
Your financial goals
Future income
Needs and wants
Savings
- 4. Multiple Choice
Which of the following should you consider when setting a budget?
Your financial goals
Needs and wants
Savings
All of the above
- 5. Multiple Choice
Where should you look to find your current expenses when building your budget?
ask your parents
your wallet
bank and credit statements
your bank representative
- 6. Multiple Choice
In addition to needs, what should you plan for first when creating a budget?
Possible charitable donations
Shopping money
Investments
Recurring expenses
- 7. Multiple Choice
Which of the following is a way to track your spending?
Spreadsheet budget
Envelope method
An app
All of the above
- 8. Multiple Choice
Which of the following is NOT true about emergency funds?
They are used for anything listed on the budget.
They can keep you from borrowing money from friends and family
They help you prepare for unexpected expenses.
They help remove the worry about expenses not in the budget.
- 9. Multiple Choice
When setting a budget, you can choose to make room for:
Financial goals
Entertainment expenses
Charitable donations
All of the above
- 10. Multiple Choice
When setting a budget, you should consider...
financial goals, current expenses, and income.
mostly income.
creative ways to spend your money.
mostly your goals.
- 11. Multiple Choice
Unexpected expenses…
can make it hard to stick to your budget.
may cause you to be unable to pay necessary bills.
should be planned for.
all of the above
- 12. Multiple Choice
An emergency fund should NOT be used for…
fixing a blown tire on your car that you use to get to work.
repairing your laptop that you use for homework.
a last-minute school trip.
a sudden health issue that needs care.
- 13. Multiple Choice
What is NOT a good way to prevent unnecessary spending?
Cancel any unused recurring expenses like subscription boxes
Use and app to find the cheapest gas station
Make your own food more often
Buy all of your wants at one time.
- 14. Multiple Choice
How can you ensure you don't go over your budget?
Round up your expense estimates to add a buffer
Use most of your budget for entertainment expenses
Find a friend that enjoys going shopping
Buy all of your wants at one time.
- 15. Multiple Choice
What budgeting tip(s) would help you to stay on track financially?
Find a friend with similar goals and hold each other accountable
Put aside fun money in your budget so you're not missing out
Only use your closest gas station to fill up gas
All of the above
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